Investment banks rarely call job cuts what they are. Efficiencies, eletronification, rationalisation – they all mean that, ultimately, fewer people will be working for them. And it’s usually the back office that feels the bulk of the cuts.

Around 2,500 people in Deutsche’s corporate centre at the bank’s HQ in Germany have, through their union, called for Jain’s resignation. The uncertainty over where and when the job cuts will occur is affecting morale, it says.

“A radical new start would restore our credibility and could produce a real boost to morale,” a flyer distributed outside its Frankfurt HQ said.

Separately, it’s emerging just how in demand Tom Hayes, the former UBS trader at the centre of the Libor-rigging scandal was. Before his eventual move to Citigroup in 2009, Goldman attempted to poach him. It offered a $3m bonus to lure him away from UBS when he was a star yen derivatives trader in 2008. UBS offered $2.5m for him to stay, and he accepted.